Insurance; Oklahoma Captive Insurance Company Act; protected cell; conversion; sponsored captive insurance company; legal action; effective date.

Summary

HB 2955 updates the Oklahoma Captive Insurance Company Act by defining new types of captives, setting minimum capital requirements, and creating a framework for protected cells that can be sold, transferred, or merged with commissioner approval. It also tightens reporting, disclosure to the NAIC, licensing fees, and premium tax calculations, affecting all captive insurers operating in the state. The bill failed to pass and was placed on the General Order.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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